Gold

Ongoing labour unrest at Freeport-McMorran's Grasberg mine in Indonesia has forced the American company to declare force majeure. The announcement made Wednesday effectively allows Freeport to stop shipments from its gold and copper mine so that it can avoid liability on existing customer orders. About 8,000 workers — a third of the mine's workforce — have been on strike since September 15th and earlier this month vowed to shut down the mine if hourly wages of $1.50 are not upped 8-fold. The strike recently turned ugly with reports of sabotage and injuries.

As Occupy Wall Street protesters continue to linger around town squares across North America and Europe, precious metals commentator Peter Schiff wades into the maelstrom.

Mining Weekly reports De Beers is going all out to create 5,000 non-mining jobs in Namaqualand over the next five years as it exits a region on the South African west coast where it has mined for the past 90 years. Projects include a wind farm, abalone culturing for export to China where it is a highly prized delicacy, a prison warden training facility and a joint venture with sister company Anglogold for undersea gold mining. The company has recently come under fire over plans to sell the properties including two towns to a much smaller outfit that will have to take responsibility for rehabilitation over a 970 square km area pockmarked by open pits.

Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today reported consolidated revenue of $2.7 billion for the third quarter of 2011 and $7.6 billion year-to-date, as well as operating cash flow of $1.3 billion for the third quarter of 2011 and $2.7 billion year-to-date.

After sensing that Europe's economic tailspin may have been halted, the markets and commodities opened higher. The S&P/TSX Composite index was up 2%, and the Dow Jones-UBS Commodity Index was up 1.59%. Spot gold was largely unchanged from yesterday's price at $1725/oz. Oil was up sharply. ICE North Sea Brent crude was up three percent to $112.23 a barrel, and the Dow Jones U.S. Oil & Gas Index was up 2.45%

In a move that seems certain to slow foreign investment, the government of Argentinian President Fernandez de Kirchner has passed a law requiring oil, gas and mining companies to repatriate future export revenue. The Vancouver Sun reports: "President Cristina Fernandez de Kirchner, in her first move since being re-elected Oct. 23, changed a 2002 decree requiring companies such as Repsol YPF SA, Total SA, Petroleo Brasileiro SA and Pan American Energy LLC to to keep at least 30 percent of their export revenue in the country." Effective immediately, resource companies will have to repatriate (convert into pesos) all of their export revenues.

Vancouver-based Goldcorp on Wednesday reported record third-quarter net income on an adjusted, non-GAAP basis of $459 million or $0.57 per share from $244 million or $0.33 per share in the third quarter last year. Revenues for the quarter grew 48% to $1.31 billion from $885 million in 2010 on gold sales of 571,500 ounces. Average realized gold price surged 39% over 2010 to $1,719 per ounce. Cash costs at Goldcorp now amount to $258 per ounce on a by-product basis and $551 per ounce on a co-product basis.

Washington lawmakers yesterday approved a bill to approve a land exchange clearing the way for what would be North America’s largest copper […]

Bellhaven Copper & Gold (CVE:BHV), a Canadian exploration company operating in Panama and Colombia, received a 10.2% equity interest investment by IAMGOLD Corporation which will subscribe for eleven million units of Bellhaven at C$0.55 per unit. In mid-October, IAMGOLD (TSE:IMG) said it was going start buying new companies that would complement its core strengths, established relationships with foreign governments and working experience in Africa and the Americas. "The private placement will build our treasury to approximately $9.6 million, allowing us to ramp-up the exploration programs at La Mina," said Paul Zweng, Bellhaven's interim CEO and director.